Sep 15, 2016
From the Financial Reporting Network
In the third quarter, the SEC staff and others continued to focus on non-GAAP financial measures. The SEC made several proposals, including a proposal to remove from the SEC rules certain disclosure requirements that it feels are redundant with those required by U.S. GAAP.
While the FASB shifted its focus away from the major revenue recognition, leases, and financial instruments standards during the quarter, the focus for financial statement preparers should be on implementing those standards. The FASB’s standard-setting efforts shifted to foundational issues, such as the statement of cash flows and the disclosure framework.
Our Quarterly Outlook summarizes these and other accounting and financial reporting developments that potentially affect you in the current period or near term.